Word: pumps
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Dates: during 1980-1989
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Just when Americans were getting used to cheaper gasoline at the pump, prices have suddenly started to creep up again. The reason: a developing squeeze on worldwide petroleum stockpiles and supplies. Production cuts by Saudi Arabia, the largest single oil producer in the 13-nation Organization of Petroleum Exporting Countries, have combined with a continuing rundown of excess inventories by oil companies to start wiping out the price-depressing effects of last winter's oil glut. Says Claude Messinger of Ashland Oil, who was the chairman of a gathering last week in New York of the American Petroleum Institute...
...abrupt hikes were the ironic flip side of falling world oil prices. Kuwait's revenues will drop by about $5 billion this year. The government hopes to offset that by charging domestic energy users more at the pump. Of course, Western drivers would be glad to get back to the days when they paid only...
...States exists of course, but at nowhere near the level reached during the heyday of detente in the early 1970s. Soviet scholars and cultural groups are subject to extensive restrictions when they come to America. And the U.S. won't sell the Russians the advanced technology they need to pump oil from Siberia. Somehow, there must be room for improvement...
Several cartel members are short of cash and badly need to sell every barrel of crude they can pump. One such country is Nigeria, which is burdened with a population of 80 million and a superambitious agricultural development program. In a desperate move to boost sales, the government last week threatened to slash a full $5 per bbl. off its officially quoted $36.50 price, in order to compete with non-OPEC oil from the North...
...producers with low populations and high revenues, this is not creating much hardship. Kuwait has slashed production by 70%, to a mere 650,000 bbl. daily, without difficulty. Indonesia, on the other hand, has a large population and badly needs oil revenue for development. Therefore, it has continued to pump crude at full tilt, helping to sustain a buyer's market...